FAQ What's at stake at shareholders' meeting

Investors fear the board is planning to sell the bank without extracting the best price. They believe one of the two main bidders - Sir Richard Branson's Virgin Group - wants to buy it on the cheap.

What will be decided?

Without the later approval of shareholders, the bank will be stopped from

· issuing new shares above certain small thresholds

· selling assets which represent 5% or more of the total value of the group's assets, and buying assets if their value represents 20% or more of the total value of the group's assets

· authorising other members of the group to dispose of, transfer or issue shares.

Are the shareholders paranoid?

They fear the government controls the bank's board behind the scenes and will do anything to retrieve £26bn of taxpayer loans. The bid by Branson involves a rights issue that will leave them with only a fraction of the business. Rival Olivant has vowed to take only 20% of the business for itself.

Is the bank worth anything?

The mortgages sold by Northern Rock were assessed last year by the bidders and the government. However, they have different views on how many borrowers may default, especially if there is a severe downturn in the housing market this year. Even if all customers continue to pay their monthly repayments, the bank's inability to raise funds means it is insolvent without the government loan. Previous bidders have said the bank was worthless and they would only invest in it if it was given to them for not much more than 1p a share.

Is there a deadline?

The government will need approval from the European commission if it remains involved in the bank beyond mid-February. The commission needs to be satisfied that Northern Rock does not receive state aid.

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